Rhodium prices rebounded to around $22,300 in mid-June, lifted by prospects of robust demand from the auto industry. The latest data showed that April's car production in the UK bounced back to 68,306 units, just 3.8% below April 2019 levels. Meantime, Russian miner Nornickel expects the rhodium market to run into a 10,000-ounce deficit this year. Looking ahead, the coronavirus pandemic continues to pose risks of supply shortfalls in the top producer South Africa while downward price pressure may arise from the increasing probability of the rhodium-palladium substitution.
Historically, RHODIUM reached an all time high of 29800 in March of 2021. RHODIUM - data, forecasts, historical chart - was last updated on June of 2021.
RHODIUM is expected to trade at 21198.38 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 18210.18 in 12 months time.